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SCMP Reporter

China.com plans to spin off its wholly owned Hongkong.com Internet portal through a listing on the Growth Enterprise Market (GEM), according to sources.

 China.com, the first mainland Internet content provider to list on Nasdaq, is also considering a plan to inject AOL Hong Kong Internet into Hongkong.com.

 AOL Hong Kong Internet, which was launched in September, is a joint venture with United States Internet giant America Online (AOL).

 AOL acquired a 10 per cent stake in China.com in July.

 China.com had appointed Lehman Brothers and BNP Prime Peregrine financial advisers for the spin-off deal, sources said.

 The company is now preparing its GEM listing application.

 It expects to submit the application as early as this month, they said.

 If the application proceeds smoothly, Hongkong.com is expected to debut in the first quarter of next year.

 China.com chief operating officer Peter Hamilton refused to comment on the listing plan. However, he said the GEM market 'is very good for Hong Kong'.

 Mr Hamilton said Hongkong.com had 2.5 million page views by the end of last month, compared with about one million page views in June when the company began to report page-view figures.

 Hongkong.com is among the five most frequently visited Internet portals in Hong Kong, according to analysts though the portal is still suffering losses.

 Mr Hamilton declined to disclose Hongkong.com's financial position but claimed Hongkong.com was financially strong.

 China.com, which listed on Nasdaq in July, has hit new highs on a wave of mainland Internet fervour following the news of the World Trade Organisation deal between Beijing and Washington.

 The counter soared to a record high of US$127.375 on Tuesday in New York on the WTO news.

 Its shares fell 18 per cent to $105 on Wednesday after touching the historic high.

 China.com's share price has surged 425 per cent since its listing.

NEW LISTINGS 



China.com eyes injection as portal spin-off planned